2025.09. 28 明星经理扎堆参与 9月27日，百利天恒发布向特定对象发行股票结果暨股本变动的公告，披露了公司定增项目的最新情 况。百利天恒本次向特定对象发行股票的最终数量为1187.38万股，每股发行价格为317元，共募集 资金37.64亿元。 本文字数：2603，阅读时长大约4分钟 作者 | 第一财经 曹璐 随着A股市场企稳回暖，定增市场再现活跃景象，吸引多位顶流基金经理亲自下场布局。例如，百利 天恒近期的定增项目中，葛兰、赵蓓、朱少醒等基金经理管理的产品纷纷现身；几乎同期落地的爱旭 股份定增也集结了易方达、景顺长城等19家机构，杨锐文、刘旭等知名基金经理同样参与其中。 值得关注的是，这些定增项目已初步展现出明显的赚钱效应，参与机构均收获不同程度浮盈。而这仅 是年内定增市场"量质齐升"的一个缩影。在市场回暖背景下，定增正成为公募机构优化持仓、把握结 构性机会的重要工具。 Wind数据显示，截至9月28日，今年以来共有28家基金公司旗下218只基金产品参与定增项目，涉 及成本金额达到58.64亿元元，超过去年全年。同时，由于大多数个股的股价涨幅显著，超过九成定 增实现了不同程度的浮盈，赚钱效应持续凸显 ...

Group 1 - As of August 5, 2025, 24 public fund institutions participated in 47 A-share companies' private placements, with a total allocation amount of 14.198 billion yuan and a current floating profit of 4.650 billion yuan, representing a floating profit ratio of 32.75% [1][2][5] - 36 stocks received over 100 million yuan in allocations from public funds, with 18 stocks receiving between 100 million to 199 million yuan, 9 stocks receiving between 200 million to 499 million yuan, and another 9 stocks receiving no less than 500 million yuan [1][2] - The most favored stock by public funds was Haohua Technology, with a total allocation of 1.628 billion yuan from three public fund institutions [1][3] Group 2 - 46 public fund stocks achieved floating profits this year, with 6 stocks having a floating profit ratio of less than 10%, 5 stocks between 10%-19.99%, 23 stocks between 20%-49.99%, 7 stocks between 50%-99.99%, and 4 stocks with a floating profit ratio of no less than 100% [2][4] - The stock with the highest floating profit ratio was Jinghua New Materials, with a floating profit ratio of 200.89% from an allocation of 45.387 million yuan [2][3] - The electronic industry was the most favored sector for public fund private placements, with a total allocation of 2.176 billion yuan across five stocks [4][5] Group 3 - Among the public fund institutions, Nord Fund was the most active, participating in 46 A-share private placements with a total allocation of 5.633 billion yuan [6][9] - The top three public fund institutions by allocation amount this year are Nord Fund, Caitong Fund, and E Fund, with floating profit ratios of 30.02%, 32.69%, and 37.92% respectively [7][9] - The public utility sector had a floating profit ratio of 173.85% from an allocation of 1.037 billion yuan, while the electronic sector had a floating profit ratio of 26.51% from an allocation of 2.176 billion yuan [5][6]

Group 1 - Public funds have shown high enthusiasm for participating in private placements this year, with 24 public institutions involved in 47 A-share companies, totaling approximately 14.2 billion yuan in allocations [1] - The electronics and chemical industries are particularly favored by public funds, with 36 stocks receiving over 100 million yuan in allocations [1] - The most favored stock for public fund placements is Haohua Technology, which received a total allocation of 1.628 billion yuan from three public institutions [1] Group 2 - Among the 24 public institutions participating in A-share private placements this year, 11 have been particularly active, with allocations of at least 100 million yuan [2] - Nord Fund has emerged as the leader in public fund placements this year, participating in 46 A-share private placements with a total allocation of 5.633 billion yuan [2]

Group 1 - Public funds remain highly enthusiastic about participating in private placements, with 24 public institutions involved in 47 A-share companies, totaling approximately 14.2 billion yuan in allocations this year [1] - The electronics and chemical industries are particularly favored by public funds, with 36 stocks receiving over 100 million yuan in allocations [1] - The most favored stock is Haohua Technology, with three public institutions participating in its private placement, totaling 1.628 billion yuan [1] Group 2 - Among the 24 public institutions participating in A-share private placements, 11 have been notably active, with allocations of at least 100 million yuan this year [2] - Nord Fund has emerged as the leader in public placements, participating in 46 A-share private placements with a total allocation of 5.633 billion yuan [2]

Group 1 - Since 2025, public funds have shown increased enthusiasm for participating in the private placements of listed companies in the A-share market, with a total of 24 public institutions participating in 47 private placements, amounting to 14.198 billion yuan and a current floating profit of 4.650 billion yuan, representing a floating profit ratio of 32.75% [1] - Among the 36 stocks with public fund allocations exceeding 1 billion yuan, Haohua Technology received the most attention, with three public institutions participating and a total allocation of 1.628 billion yuan [1] - Other notable allocations include Chipone Technology with 1.266 billion yuan and Guolian Minsheng with 916 million yuan, while six stocks including Dize Pharmaceutical and AVIC Shenyang Aircraft also had allocations of no less than 500 million yuan [1] Group 2 - The public funds participating in the private placements have generally achieved floating profits, with the highest floating profit ratio exceeding 200% for Jinghua New Materials, which attracted four public institutions and a total allocation of 45.387 million yuan [2] - Other companies like Leshan Electric and Weiteng Electric also saw floating profit ratios above 100%, with allocations of 1.04 billion yuan and 1.36 billion yuan respectively [2] - Additionally, several other companies including Dize Pharmaceutical and North Copper have floating profit ratios exceeding 50% [2] Group 3 - According to Citic Fund, the market structure has further optimized, providing a better participation environment for investors, with more quality project supply available in both primary and secondary markets [3] - The active mergers and acquisitions have led to a continuous emergence of restructuring financing projects, presenting significant opportunities for private placement investments [3] - Investors can participate in quality merger transactions through supporting financing, with previously scarce transaction opportunities expected to become more available in the market [3]